Government to unveil strong measures to curb rising household debt

Описание: 문재인 정부 '가계부채 관리 5년 계획', 베일 벗는다
The Korean government is set to unveil measures to put the brakes on the country's household debt.
But with the central bank indicating a rise in interest rates,... there could be trouble ahead for those who've taken out loans.
Kim Min-ji reports.
The Moon Jae-in administration will be pulling out the stops to curb the country's mounting household debt.
Set to be unveiled Tuesday,... the measures are expected to put tighter controls on loans,... as well as tougher regulations on owning multiple homes.
It's also expected to provide support for those with financial difficulties, such as the self-employed, low income households and people with low credit scores.

Oct. 20, 2017
"We are seeking various ways to put the brakes on the double-digit growth of household debt,... and bring it down to the single-digits."

The country's debt stood at over 1-point-2 trillion U.S. dollars,... as of the end of June,... up more than 10 percent from a year earlier.
The measures will provide a glimpse into how the administration plans to tackle the issue over the next five years.

However, it's not all good news,... with mounting speculation that Bank of Korea may raise its key interest rate in the coming months.
Last week, the central bank raised the country's economic growth forecast for this year to three percent,... with the BOK governor saying the economy is ready to move away from monetary easing.
Although a low interest rate has been one of the factors for growing household debt,... a rise in the policy rate will quickly mean higher payments for borrowers,... causing them even more difficulty.
Korea's benchmark rate sits at a record-low of 1-and-a-quarter percent,... and a rise would be the first in six years.
Experts say, in view of the government's forthcoming measures,... the timing of any interest rate hike needs to be carefully managed,... and that both external and internal factors need to be taken into consideration.
Kim Min-ji, Arirang News.



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